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Oil prices rise amid concerns over lower global supply

2019-04-17 05:26

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NEW YORK, April 16 (Xinhua) -- Oil prices rose on Tuesday, as investors have been worried about falling global supply due to U.S. sanctions against Iran and clashes in Libya.

The market has been concerned about the supply volumes in Libya, as the country was hit by fightings between the UN-backed Libyan government and the east-based army in and around the capital Tripoli.

A total of 174 people were killed and 756 others wounded in the fighting between the two sides so far, the World Health Organization said Tuesday.

Libya has been struggling to make a democratic transition amid insecurity and chaos ever since the fall of former leader Muammar Gaddafi's regime in 2011.

Due to U.S. sanctions, Iran's crude oil exports have plunged in April to their lowest daily level this year, according to Reuters.

The West Texas Intermediate for May delivery increased 0.65 U.S. dollar to settle at 64.05 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 0.54 dollar to close at 71.72 dollars a barrel on the London ICE Futures Exchange.

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